Board Minutes
IOWA LAKES ELECTRIC COOPERATIVE
Board of Directors Meeting
September 25, 2025
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ONLINE MINUTES
The meeting of the Iowa Lakes Electric Cooperative Board of Directors was called to order at 7 p.m. by Board Chair Dan Winterhof on September 25, 2025, at the Cooperative’s service center in Spencer, Iowa. Executive Assistant Amy Howard assisted in the taking of minutes thereof.
The following directors were present either in person or by video conference: Bruce Amundson, Ben Ashland, Jerry Beck, Chad Boysen, Jason Glienke, Nick Kerns, Alan Madden, Crystal Pluth, Gary Rouse, Mark Tuttle, Trent Will and Dan Winterhof. Absent: Craig Deim and Roger Williamson
Also present for the meeting were President and CEO Ryan Craig, Vice President of Operations and Engineering Aaron Ruschy, Vice President of Finance/CFO Shelly Tredway, Vice President of Customer and Corporate Relations Jen Sievert, Executive Assistant Amy Howard and Cooperative Attorney Scot Bauermeister.
AGENDA
Board Chair Winterhof asked if there were any additions to the Board Agenda. Being none, it was moved and seconded to approve the agenda. Motion carried.
MINUTES
Board Chair Winterhof asked if there were any changes or corrections to the August 21, 2025, board meeting minutes as provided. Being none, it was moved and seconded to approve the minutes. Motion carried.
UNFINISHED BUSINESS
Attorney Bauermeister reported there was no pending litigation.
NEW BUSINESS
Revolving Loan Fund (RLF) – Montag Manufacturing (Action)
Vice President Sievert presented the revolving loan fund request from Montag Manufacturing, a family-owned agricultural equipment company specializing in dry fertilizer meters for strip-till applications.
The application for Montag Manufacturing is for a $350,000 loan to support business succession, family purchase of 4,000 shares at $250/share for $1M.
Following discussion, it was moved and seconded to approve the request as presented. Motion carried.
Revolving Loan Fund (RLF) – Lake Park Supply (Action)
Vice President Sievert presented the revolving loan fund request from Lake Park Supply, a premier supplier of quality lumber, building materials and expert service across the Iowa Great Lakes region.
The application for Lake Park Supply is for a $175,000 loan to support relocation to Milford in order to be strategically located near regional construction, agriculture and manufacturing hubs.
Following discussion, it was moved and seconded to approve the request as presented. Motion carried.
Memberships for Approval (Action)
It was moved and seconded to approve the memberships as presented. Motion carried.
IAEC Annual Meeting Voting Delegate and Alternate (Action)
Board Chair Winterhof stated a delegate and alternate are needed for the IAEC Annual Meeting to be held December 4-5 in Des Moines, Iowa.
Following discussion, it was moved and seconded to approve the following nominations:
Delegate: Dan Winterhof Alternate: Mark Tuttle
Motion carried.
Quarterly Estate Patronage Retirements (Action)
Vice President Tredway presented the following proposed estate retirements:
TOTAL DISCOUNT CHECK
PATRONAGE AMOUNT AMOUNT
10 applicants $4,557.19 $1,593.13 $2,964.06
It was moved and seconded to approve the discounted estate retirements for the third quarter of 2025. Motion carried.
IAEC Annual Health Plan Review (Action)
President and CEO Craig reviewed the IAEC Annual Health Plan. Craig reviewed the 2026 benefit plan premium analysis comparing 2025 to 2026. The total premium increase for Iowa Lakes Electric Cooperative from 2025 to 2026 is 4% or $35,395.
Craig informed the board a quote was obtained from NRECA for medical coverage. The comparison showed moving from IAEC sponsored medical coverage to NRECA would result in a total premium increase of $194,654.
Craig reviewed the NRECA Dental Plan. Craig explained the total premium increase for Iowa Lakes Electric Cooperative from 2025 to 2026 is $388.46.
Following discussion, it was moved and seconded to approve the IAEC medical plans and NRECA dental plans as presented. Motion carried.
NRECA Annual RS Plan Review (Action)
President and CEO Craig reviewed the Cooperative’s Annual Retirement Security (RS) Plan.
Craig stated the defined benefit pension plan information from NRECA indicates the base billing rates for 2026 will be a 0% increase due to the average age of our employee team staying at 41. The Cooperative has continued to see the benefit of the prepayment plan with an 8.21% reduction in the billing rate. The 2026 base billing rate will be 24.80% with an increase of $116,141. Craig recommended continuing to support the current plan as a strategic employee recruitment and retention tool.
Following discussion, it was moved and seconded to approve the Retirement Security Plan as presented. Motion carried.
VP/CFO Financial Report
Vice President Tredway reviewed the financials for August 2025. Discussion followed.
NRECA Governance Talk Video
The Board of Directors viewed NRECA Governance Talk Videos – Artificial Intelligence: The Board’s Oversight Role.
Vice President Reports
Vice President Ruschy reviewed his monthly report. All crews are on work plan construction projects. Jacobsen Tree Experts are still on the system. Osmose will soon start treating poles in Kossuth County.
Vice President Sievert reviewed her monthly report including an economic development update. Sievert reported 794 member-owners stopped by the Cooperative booth at the Clay County Fair.
Vice President Tredway provided wind financials project-to-date.
President and CEO Report
President and CEO Craig reviewed his monthly report, which included an overview of meetings he attended over the past month.
Craig noted he had the opportunity to engage with member-owners at the Clay County Fair and is always pleased how the majority of conversations are very positive, with many members expressing appreciation for the crews.
Craig updated the board of directors that a multi-year rate increase was approved at Basin Electric Power Cooperative, with Corn Belt Power Cooperative and Northwest Iowa Power Cooperative incorporating the 2026 rates into their rate books with board approval expected in late October. The Cooperative is developing a communication plan to inform member-owners of the forecasted rate increase for 2026.
G&T Reports
Basin – Director Beck provided a Basin report.
Corn Belt Power Cooperative – President & CEO Craig and Director Beck provided a Corn Belt report.
NIPCO – President & CEO Craig and Secretary Will provided a NIPCO report.
IAEC – Director Amundson provided a Statewide report.
DIRECTOR’S MEETING AND TRAINING REPORTS
President and CEO Craig and Director Beck provided a report on the NRECA Region 5&6 Meeting held in Madison, WI, that they attended.
MISCELLANEOUS
Board Chair Winterhof reminded everyone in attendance the next regularly scheduled Board of Directors meeting will be held at 7 p.m. on Thursday, October 23, 2025, at the Spencer Service Center.
Board Chair Winterhof requested miscellaneous items be brought before the Board of Directors for discussion and attention at this time.
Board Treasurer Pluth reviewed the journal of checks and master credit card statements issued for the month of August 2025 prior to the meeting.
Board Treasurer Pluth and Board Secretary Will reviewed and approved the director per diem forms for the month of September 2025.
ADJOURNMENT
There being no further business to be brought before the Board of Directors, it was moved and seconded to adjourn. Motion carried.
Approved October 23, 2025
Trent A. Will, Secretary